Pound Slides as Optimism on May's Revised Brexit Deal Fizzles

The pound slid in a swift turn of fortunes on speculation that a revised Brexit deal negotiated overnight won’t pass Parliament. Sterling fell more than 1 percent after U.K. Attorney General Geoffrey Cox said that legal risks remained over the Irish backstop, damping the prospect of Prime Minister Theresa May garnering enough support from lawmakers in a vote Tuesday. “Sterling has been knocked back on the news that Cox is not throwing all of his weight behind last night’s amendment to the Withdrawal Plan,” said Jane Foley, currency strategist at Rabobank International.